Bourke 'very happy' with bar results after second year of profit
Published 09/02/2013 | 04:00
Entrepreneur Jay Bourke said he is "very happy" with the performance of his Market Bar restaurant and bar, with figures showing that the business increased pre-tax profits by 28pc to €401,018 in 2011.
Mr Bourke co-owns the well-known Dublin restaurant and pub with John Reynolds and Eoin Foyle and the profits in 2011 follow profits of €295,087 in 2010.
The eatery and bar – with seating capacity for 300 – has featured on RTE's 'Fade Street' series and the two years of successive profits follow a pre-tax loss of €409,002 in 2009.
Mr Bourke confirmed that the business continued to perform well in 2012. He said: "We are very happy with the business and very proud of it. It is a great business and has always been very well run."
He added: "It has been a difficult time to be in business with very little credit available. We are all a little battered and bruised, but if you are still in business, you are doing fine."
"I hope that the consumer will get a little more confidence with the Government's debt deal, because there has been a lot of uncertainty and fear out there."
However, Mr Bourke criticised the Government's failure to deal with upward-only rent reviews. He said a lot of businesses were destroyed because of this "silly legislation".
Last December, Mr Bourke and Mr Reynolds – with two other publicans– were unsuccessful in opposing €1.4m plans by celebrity chef Dylan McGrath in securing a full public-house licence for his 8,000 sq ft new restaurant nearby.
Mr Bourke said Mr McGrath's new business, Fade St Social "has improved the area. There are a lot of people coming here. He has done a fantastic job."
The Market Bar employs 50 between full-time and part-time staff, of whom Mr Bourke said: "I want to pay tribute to the staff who have learned new skills and who have done what has to be done along with taking salary cuts."
According to a note attached to the accounts for Mercroft Taverns Ltd, "turnover has increased during the year mainly by the provision of an off-site bar at music festivals. The new income stream has contributed to the profits for the year."
The note continues: "However, the company has a deficit of shareholder funds at year end of €989,161 – down from €1.33m in 2010. The company continues to depend on the support of its bankers, trade creditors and directors."
The note adds: "The above circumstances indicate the existence of a material uncertainty which casts doubt about the company's ability to continue as a going concern. However, the directors believe that the going-concern basis is still appropriate as they have increased turnover and have a reasonable expectation that the company's bank will continue to provide facilities."
The abridged accounts – which do not provide a turnover figure – show that the firm reduced its bank debt during the year from €1.45m to €1.39m. The firm's cash increased from €106,605 to €225,873.
Mr Reynolds, a nephew of former Taoiseach Albert Reynolds, promotes the Electric Picnic music festival, while Mr Bourke has a number of other interests in the hospitality sector.